High-cost downstream process is a major bottleneck for producing microalgal biodiesel at reasonable price. Conventional lipid extraction process necessitates biomass drying process, which requires substantial amount of energy. In this regard, lipid extraction from wet biomass must be an attractive solution. However, it is almost impossible to recover lipid directly from wet microalgae with current technology. In this study, we conceived osmotic shock treatment as a novel method to extract lipid efficiently. Osmotic shock treatment was applied directly to wet Chlamydomonas reinhardtii biomass with water content >99%, along with both polar and non-polar organic solvents. Our results demonstrated that osmotic shock could increase lipid recovery approximately 2 times. We also investigated whether the presence of cell wall or different cell stages could have any impact on lipid recovery. Cell wall-less mutant stains and senescent cell phase could display significantly increased lipid recovery. Taken together, our results suggested that osmotic shock is a promising technique for wet lipid extraction from microalgal biomass and successfully determined that specific manipulation of biomass in certain cell phase could enhance lipid recovery further.